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Swiss Crypto Bank Sygnum Inches Closer to 'Unicorn' Status With $40M Raise

Sygnum, a crypto banking group based in Switzerland, closed a $40 million round, which valued the firm at $900 million. “Closing a successful funding round in this macro environment with such strong partners is exciting, and we are thankful for our investors’ trust in us,” Mathias Imbach, Sygnum’s co-founder and CEO, said in a press release on Thursday. Investment manager Azimut Holdings led the round. The company says it plans to use the proceeds to expand its offerings into new markets in Europe and Asia. In January 2022, Sygnum had closed a $90 million funding round, valuing the firm at $800 million. Since the close of the last round, the bank’s assets under management have grown to $4 billion.

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